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Golden Leaf Holdings Further Expands its Footprint in the Oregon Cannabis Market - Video News Alert on Investmentpitch.com
March 23, 2017 11:50 AM EDT | Source: InvestmentPitch Media
Vancouver, British Columbia--(Newsfile Corp. - March 23, 2017) - Golden Leaf Holdings (CSE: GLH) (OTCQB: GLDFF), a leading cannabis oil solutions provider company, continues to make acquisitions, with the latest one located in Oregon. The company signed a binding Letter of Agreement to acquire Chalice LLC, a leading vertically integrated cannabis company in Oregon, involved in the cultivation, extraction, refinement, marketing and sales of cannabis flower, edibles and oils.
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Operating as Chalice Farms (www.chalicefarms.com), the company has developed a branded portfolio of cannabis products that have generated significant market penetration and brand equity within the Oregon market.
In addition, Chalice Farms operates a chain of four branded retail dispensary stores in Oregon and was recently dubbed "Cannabis Store of the Year" at the 2017 Dope Magazine Industry Awards in Oregon.
This acquisition provides Golden Leaf with a market leading dispensary position in Oregon, while the integration of Chalice Farms with Golden Leaf's current operations in Oregon provides increased revenues, while reducing overall costs. Terms of the acquisition require a cash component of approximately US$15 million along with Golden Leaf shares based on revenues attained.
Golden Leaf has engaged Canaccord Genuity on a best efforts basis to raise gross proceeds of up to $35 million.vThe proceeds will be used to satisfy the cash component of the purchase of Chalice Farms, as well fund the company's other recently announced acquisitions and for existing operations.
Don Robinson, CEO, stated: "We are proud to engage with Canaccord Genuity, the leading investment bank in the cannabis marketplace, to help fund our acquisition strategy. Like the other proposed acquisitions we have recently announced, the acquisition of Chalice Farms brings real strategic and financial value to GLH and our shareholders."
The shares are currently trading at $0.31, and with 100.3 million shares outstanding, the company is capitalized at $31.1 million.
For more information, please visit the company's website www.goldenleafholdings.com, or contact Eugene Hill CFO, at ghill@goldenxtrx.com.
Investor relations is handled by Paul Searle at 778-240-7724 or email psearle@goldenleafholdings.com.
Investor relations in the U.S. is handled by Harrison Phillips of Viridian Capital Advisors, who can be reached at 212-209-3086, or by email at hphillips@viridianca.com.
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